- Bitcoin miner Marathon Digital has purchased US$100M in Bitcoin, signalling a shift in operational strategies.
- The company intends to adopt a “full HODL” approach and will hold more BTC on its balance sheet.
- Further, all mined BTC will be retained and with the intention to buy more in the open market.
Mining giant Marathon Digital (MARA) is in full swing after buying US$100M (AU$1.53M) worth of Bitcoin, readopting its “full HODL” strategy of adding Bitcoin to its balance sheet.
Per a press release, Marathon Digital intends to hold Bitcoin in its treasury, retain all BTC mined from operations, and periodically make strategic open-market purchases. However, the company did not specify the date of purchase, but rather said in a statement:
Adopting a full HODL strategy reflects our confidence in the long-term value of bitcoin. We believe bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and corporations to all hold bitcoin as a reserve asset
Fred Thiel, MARA chairman and CEO Related: Swissblock Spotlights Key Dates for Potential Bitcoin Breakouts
Marathon Digital Back in Full Swing After Crypto Winter
It’s been some time since Marathon Digital announced Bitcoin purchases. The last time the company announced a bag this big was in 2021 when it bought around US$150M (AU$229M). This is also because most of the BTC on the company’s balance sheet comes from mining operations.
Amid the harsh crypto winter that lasted from 2022 to around late 2023, the company was forced to sell its mined crypto to pay for its operating expenses, something that several miners had to do to survive.
As Bitcoin reached new heights at the beginning of 2024 following the approval of spot Bitcoin ETFs, most crypto miners are now back in full swing as interest picks up again.
Data from CoinMarketCap shows Bitcoin is currently priced at US$66,800, a 4.24% increase from yesterday and a modest 7.58% boost in the last thirty days.
Related: Trump Says Remaining BTC Should Be Mined in USA, Throws Support Behind Miners
Bitcoin ETFs were the centre of attention in Q1 2024 and still are. But the current US political landscape has turned Bitcoin into a political instrument, especially after Joe Biden dropped out of the White House race.
Donald Trump’s pro-crypto stance, including his pledge to bring all mining operations to the US, has further intensified this trend.
Source:
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